MindMaze Shares Jump 17% as Investors Bet on US Expansion Despite Widening Losses

MindMaze shares surge 17% despite wider H1 loss, as CEO unveils US market push and targets CHF 40M revenue by 2027.

Investors chose to look past a deteriorating bottom line at MindMaze on Thursday, sending shares of the Swiss neurotherapy specialist up 17% to CHF 0.1830 after management laid out ambitious revenue targets tied to its push into the American healthcare market.

The reaction marked a notable shift in sentiment for a stock that has been battered over the past year. At Wednesday's close, the shares had shed roughly 85% of their value since the start of 2025, leaving them 87% below their 52-week high. Thursday's advance suggests the market found enough in the half-year report to justify a reassessment.

Cash Burn Accelerates

The numbers themselves painted a challenging picture. MindMaze generated just CHF 0.5 million in revenue during the first six months of the year, while the net loss widened to CHF 6.9 million from CHF 3.3 million in the corresponding period of the prior year.

That cash burn has taken a heavy toll on the company's balance sheet. Liquid reserves stood at CHF 5.3 million as of June 30, down from CHF 9.5 million at the end of 2025. For context, the full-year 2025 results showed the scale of the challenge: revenue of CHF 0.6 million against a net loss of CHF 9.9 million and operating expenses of CHF 11.2 million.

To bridge the funding gap, MindMaze has drawn on an equity financing agreement with Neuro.io Group SA, receiving CHF 4.0 million during the reporting period. A further tranche of CHF 4.0 million is scheduled to arrive in two installments in September and November, according to a filing with the SIX Exchange. The company cautioned, however, that there is no guarantee the Neuro.io facility will be fully drawn, and management is exploring additional funding avenues as a backstop.

Betting Big on America

The strategic logic behind the heavy spending is becoming clearer. MindMaze opened a new headquarters and "Patient Experience Center" in Charlotte, North Carolina, on Tuesday, part of a concerted effort to raise the profile of its AI-driven rehabilitation platform in the United States.

The company has also deepened its distribution partnership with Vibra Healthcare, and media reports suggest advanced talks are underway with several US-wide clinic groups to scale the platform across acute-care hospitals and home-based treatment settings.

On the scientific front, MindMaze appointed John W. Krakauer — a recognized pioneer in stroke rehabilitation — as strategic advisor on August 12, tasked with strengthening the clinical foundation of the MindPod system. The company is also supporting a University of Pittsburgh study examining a combination of spinal cord stimulation and intensive neurotherapy for stroke patients, while the first participants have been enrolled in the SwissNeuroRehab trial, which is expected to support European reimbursement efforts for home therapy.

A Five-Year Horizon

Management, under CEO Zach Henderson who took the helm in the spring, has set its sights on a commercial inflection point. With the organizational simplification completed roughly two weeks ago — including the divestment of substantially all remaining non-neurological operations inherited from the earlier Relief Therapeutics merger — the company says it is now fully focused on launching digital therapies in the fourth quarter of 2026.

The revenue potential management has attached to that launch is striking: CHF 40 million by 2027, scaling to more than CHF 200 million within five years. Whether those projections prove credible will depend on how quickly the US partnerships translate into scalable sales and whether the company can secure sufficient financing to reach profitability. For now, Thursday's share price move suggests the market is willing to give management the benefit of the doubt.